Jewellers may be louped in for idle gold mobilisation

India’s government is considering a revamped Gold Monetisation Scheme that would, for the first time, include jewellers to help mobilise idle household gold. The move is aimed at reducing reliance on imported bullion, easing pressure on the import bill and addressing demand weakness caused by high gold prices and elevated import duties. Officials, RBI representatives, banks and industry participants have held multiple meetings in recent weeks, and an announcement may come in August, ahead of the festive season. The policy could improve the scheme’s appeal and potentially unlock part of the estimated 30,000 tonnes of gold held by Indian households. Market implications are broadly supportive for domestic gold monetisation channels and may be negative for gold imports, while reinforcing the government’s effort to contain external-account stress.